SpaceX's Starman and Tesla Roadster Have Gone Beyond Mars

"Tesla will produce all the battery modules at China's super factories, as we do today in California and Nevada", Musk said.

The SEC issued subpoenas over projections that were made for Model 3 production rates during 2017 but the electric vehicle maker failed to reach. However, this does not take the fact that the regulators are investigating whether Tesla's were deliberately misleading.

Tesla's SEC filing said that an enforcement action from either agency could damage its business, cash flow and future prospects. In October, Musk tweeted that Tesla owners could refer a friend to purchase one of its cars and "get any image they want laser etched in glass & sent to deep space for millions of years".

As part of the settlement, Musk was forced to resign his position as chairman at Tesla for three years, with Musk and Tesla paying fines of $20 million each (£15m).

"When we started the Model 3 production ramp, we were transparent about how hard it would be", the company said in a statement. If successfully constructed, the Boring Company has indicated that fares on the Loop system will be commensurate with the cost of traveling on other types of public transportation.

"Payload will be my midnight cherry Tesla Roadster playing Space Oddity", Musk tweeted in December prior to its launch. It did not say at the time that it had gained another $137 million in regulatory credits, which contributed to almost half of the profit. He also said that the finished model will be a large number of titanium components. Taking into account the cost of transoceanic transportation and import tariffs, Tesla now spends 55-60% more operating costs than it does to produce the same vehicle in China.

Tesla shares closed up less than half a per cent to $346.41 on Friday.